Domark to see $50 million; Western GeoPower plans C$25 million; Pure Energy, Asia Now raise funds

By Devika Patel

Knoxville, Tenn., Aug. 7 - Domark International, Inc. said it has arranged a $50 million committed equity financing facility with Dutchess Private Equities Ltd., and shareholders benefitted from the news as the company's shares (OTCBB: DOMK) shot up 47.06%, or 80 cents, on Thursday to close at $2.50.

Canadian companies dominated the rest of Thursday's PIPE deals, as Western GeoPower Corp. announced its plans to raise C$25 million in a units offering, Pure Energy Visions Corp. said it raised C$5 million by selling its units and Asia Now Resources Corp. settled a C$5.73 million stock sale.

Domark's $50 million

Domark has arranged to sell its common shares to Dutchess in multiple drawdowns over the next three years, according to an 8-K the company filed Thursday with the Securities and Exchange Commission.

Dutchess will pay a fixed per-share price of 93% of the lowest volume weighted average price of Domark's common stock during the five trading days immediately after the Oviedo, Fla.-based company notifies the investor that it plans to make a drawdown.

Each draw will be equal to either 200% of the average daily volume of Domark's common stock for the three trading days prior to the company's notice of a drawdown under the facility multiplied by the average of the three daily closing prices immediately preceding the drawdown date or $2.5 million.

In an Aug. 4 press release heralding the deal, Domark chief executive R. Thomas Kidd expressed enthusiasm for the arrangement.

"I am looking forward to working with Dutchess in a manner that will be beneficial to the company and our shareholders and that will assist the company in executing our long-term financial strategies," Kidd said in the release. "This agreement gives us the flexibility to draw down capital at our discretion and to take advantage of favorable market conditions and acquisition opportunities.

"I believe this relationship with Dutchess will complement our financial strategies in growing the company and its affiliates. The company intends to access this capital commitment when opportunities become available to the company to increase shareholder value by acquisition, build assets on the balance sheet or where the retirement or reduction of debt is advantageous to the company and its shareholders."

Domark acquires and manages majority owned public entities and privately owned companies in diverse industries.

Western GeoPower plans C$25 million

Vancouver, B.C.-based Western GeoPower announced a C$25 million non-brokered private placement of units in a press release.

The company hopes to sell 100 million units of one common share and one transferable warrant at C$0.25 per unit. Each two-year warrant will be exercisable at C$0.45 for the first year and at C$0.50 thereafter. The warrants may expire sooner if the company's shares trade at C$0.50 or more for 10 consecutive trading days during the first year or at C$0.55 or more for 10 consecutive trading days during the second year. If that happens, the warrants will expire within 30 days.

Proceeds will be used for the ongoing drilling and development of the 35 MWe Western GeoPower Unit 1 geothermal project at The Geysers geothermal field in California and for general working capital.

"This funding is intended to satisfy the requirement for additional equity resulting from the increase in plant capacity from 28 MWe to 35 MWe as announced April 9," the company's president and chief executive officer, Kenneth MacLeod, said in the release. "With construction scheduled to commence in spring 2009, the focus will shift to securing a construction loan for the balance of the project financing."

The company had announced in April that a review by consultants had determined that the optimum capacity for the Unit 1 project at The Geysers Geothermal Field is 35 MWe.

As a result, the company signed an agreement with Fuji Electric Corp. of America for one 35 MW top exhausting geothermal condensing steam turbine generator unit to be delivered to the project site in August 2009.

The geothermal energy company's shares (TSX Venture: WGP) dropped 4.92%, or C$0.01, to close at C$0.29 on Thursday.

Pure Energy wraps C$5 million

Pure Energy completed a C$5 million units sale Thursday but had priced the deal at C$6 million with a C$900,000 greenshoe in July.

The company only managed to sell 9,091,000 units of one common share and a half-share warrant at C$0.55 apiece. It had planned to sell up to 10,909,090 units, not including the greenshoe of 1,636,363 units.

The whole warrants are exercisable at C$0.75 for 18 months.

Blackmont Capital Inc. was lead agent of a syndicate of agents comprised of Canaccord Capital Corp., Raymond James Corp. and Research Capital Corp.

Proceeds will be used for general corporate purposes.

Despite the smaller size, Pure Energy was pleased with the results of the placing.

"With our financing now complete, Pure Energy is very well-positioned to expand its business both domestically and internationally in a more efficient and cost effective manner," company president and chief executive officer Paul Simmonds said in a news release announcing the deal's completion.

The Toronto-based company is an international consumer and commercial products company focusing on cost effective, environmentally responsible products. The corporation is a supplier of rechargeable alkaline batteries. Its shares (TSX Venture: PEV) were unchanged on Thursday, closing at C$0.52.

Asia Now seals C$5.73 million

Asia Now said it took in C$5.73 million in a private placement of shares.

The Toronto company sold 13,029,908 common shares at C$0.44 apiece to China Gold Pte. Ltd., a subsidiary of Lippo China Resources Ltd., which is mainly engaged in investment holding, retail business as well as property development and investment.

"We are very pleased that Lippo Group has shown a high level of confidence in Asia Now's team," Asia Now president Dr. Kaihui Yang said in a press release. "With Lippo's financial strength and its extensive experience and relationships in China, Asia Now is positioned to consider additional opportunities, including producing assets, to take Asia Now to the next stage of fast growth."

Asia Now acquires and develops mineral properties in China. Its shares (TSX Venture: NOW) jumped 10% on Thursday, or C$0.03, to close at C$0.33.

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